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The bankruptcy law in Hong Kong is governed by the Bankruptcy Ordinance (Cap. 6 of the laws of Hong Kong). The procedures and legislation are complex and often require specialized legal assistance. Bankruptcy refers to legal status given to an individual who is unable to repay their debts. The debtor can declare bankruptcy or it can be petitioned by a creditor. The Official Receiver's Office oversees the case, which may involve selling assets to repay debts.
Bankruptcy laws are intricate in nature and navigating through them can be challenging without professional help. A lawyer can assist in understanding the complexities, presenting various options and figuring out potential implications. You may need legal advice if you're considering bankruptcy, your creditor is pushing you towards bankruptcy, or you're looking to recover a debt from a person who has declared bankruptcy.
The key aspects of bankruptcy law in Kowloon are enshrined in the Bankruptcy Ordinance. Notably, the law regards bankruptcy as a last resort to resolve debt issues. The debtor's assets may be disbursed to repay the creditors, and the debtor may also be subjected to certain restrictions, such as traveling overseas. Furthermore, the debtor is obligated to cooperate totally with the Trustee, which can be the Official Receiver or a private sector Insolvency Practitioner. There are also alternatives to bankruptcy such as Individual Voluntary Arrangements.
The typical duration is 4 to 6 years, although it can be subject to modifications influenced by individual circumstances.
No, certain types of debts may not be discharged through bankruptcy such as fines and penalties imposed by a court and any amount due under a family court order.
Once you're declared bankrupt, the big majority of your creditors aren't entitled to force you to pay your debts, with some exceptions.
Yes, it will have a substantial impact on your credit rating and limits your ability to get credit.
With the Trustee's permission you can, however, repeated travels may not be approved.
The Official Receiver's Office, Judiciary of the Hong Kong Special Administrative Region, and the Hong Kong Bar Association can provide more information and support related to bankruptcy.
If you find yourself in need of legal assistance, the next step is to contact a bankruptcy lawyer or a legal aid service. Preparing all relevant financial documents and understanding the implications of bankruptcy before consultation can assist in making the discussion more productive.
